November 3, 2015 / 1:58 PM / 2 years ago

Nigerian Breweries raises 17.7 bln naira in commercial paper

LAGOS, Nov 3 (Reuters) - Nigerian Breweries (NB) has raised from institutional investors 17.7 billion naira ($88.98 million) in commercial paper with a yield of 12.5 percent to support short-tem funding requirements, it said on Tuesday.

The local unit of Dutch brewer Heineken set up an inaugural 100 billion naira commercial paper programme in October to diversify funding sources to include non-bank investors and complement its working capital funding. ($1 = 198.9100 naira) (Reporting by Chijioke Ohuocha; Editing by David Goodman)

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